Top 5 Ethereum Improvement Proposals (EIPs) that became popular Top 5 Ethereum Improvement Proposals (EIPs) that became popular in 11 days | Ross Peili ⭐ Trade Bitcoin with 100x leverage on PrimeXBT! Leverage Bitcoin with 100x! Open Account
Bitcoin might be the first and the leading cryptocurrency when it comes to investing crowds analogizing a position in the digital asset sphere, but there is one blockchain platform that is more recognizable for its numerous applications and use-cases that some of you might be already utilizing without even realizing it.
That would be no other than Ethereum, the distributed ledger platform behind the popular cryptocurrency Ethereum , and the second crypto in terms of market capitalization only behind Bitcoin .
Whether you’re new in the scene or a sage hodler, Ethereum shouldn’t need much introduction, as it managed to climb to the second spot where it remains strong since its introduction in 2016.
But put aside its monetary value as a digital currency, and you’ll realize that its the most prominent blockchain platform out there, with literally thousands of implementations, real-life use-cases and applications that rely solely on the Ethereum network and its fruits.
Unlike Bitcoin and other first-gen distributed ledgers, Ethereum is a structured legal entity with an appointed team of core developers and board members, and a vision that’s constantly evolving as being developed to the point that was considered a vision before each update.
Ethereum is the only public blockchain that’s included in IBM’s blockchain consortium and its young founder Vitalik Buterin is considered by the crypto community as one of the most charismatic minds contributing unstoppably to the broader blockchain field and not just to Ethereum.Decentralization is the key to success and Ethereum is the solid proof
While Ethereum can be considered as a project following a structured business model, the popular open-source blockchain platform gives literally anyone the ability to contribute and interact with the network in infinite ways.
One of the most important aspects of Ethereum would be the Ethereum Improvement Proposal system or EIP, which allows core developers, freelance programmers, and individual researchers to propose technical and theoretical ideas that could contribute to the improvement of the Ethreum blockchain and in extension to the improvement of the Ethereum network as a whole.
EIPs are similar to GitHub pull requests and they can be drafted by anyone before accessed, and then accepted or rejected depending on the scenario.
In this article, we’ll be taking a look at the top 5 Ethereum EIPs that you might be utilizing every day, without even realizing it, as Ethereum’s network is linked to various decentralized applications, wallets, decentralized exchanges and many more aspects of the blockchain-powered web3.1.#20 ERC-20 Token Standard
Probably the most popular EIP of Ethereum, which is considered by many as a standalone protocol and not part of the EIP program.Originally proposed by Vitalik Buterin himself and Fabian Vogelsterller, a core Ethereum developer, the ERC-20 standard is basically the protocol that enabled the ICO era between 2017-18.
Essentially, this protocol would allow anyone to build his own tokenomics system on the Ethereum blockchain, using a set of APIs and pre-designed rules as cited by the developers.
Even today, a lot of popular cryptocurrencies don’t have their own blockchain platform but utilize the Ethereum network to host their respective tokens, which are also commonly known as ERC-20 tokens.
You wanna tell me that you never use Ethereum, but you’re a self-proclaimed trader on Binance? Well…BNB used to be an ERC-20 token before it shifted to its own blockchain in 2018 – sleep on that.
2.
#137 Ethereum Domain Name Service (ENS)
One of my favorite and also a hidden gem of EIPs out there, the Ethereum Name Service is a protocol proposed and developed by Nick Johnson, who is also the supervisor of the domain registry.
Nick Johnson and Alex Van de Sande, both core Ethereum devs, began experimenting with a solution meant to replace the hexadecimal addresses utilized by the Ethereum blockchain with readable addresses similar to typical web addresses.
It is indeed as simple as it sounds.
Basically, if I want to share the public address associated with my Ethereum wallet, I don’t have to send over the 0x14b1…blablabla cord, but instead, I can wear my sunglasses at night, and node while saying “You can send it over at rosspeili.eth bro”.
Now, how cool is that?
While the EIP #137 is not as popular as ERC-20 tokens, it is gaining increased attention in the field of digital art, where crypto-artists are using their ENS masked addresses for branding purposes.
From personal experience, I can say that it is indeed really efficient if you’re exchanging funds on a regular basis and with multiple peers for obvious practical reasons.The ENS Hash Registrar (#162) and support for reverse resolution (#181) were introduced later to top the initial #137 commitment.3.#721 ERC-721 Non-Fungible Token Standard
This protocol enabled the booming NFT world, and it is basically an ownership deed validated through Ethereum smart-contracts.
NFTs allow physical and digital assets to be registered/bound to specific wallets, third party brokers, and auctioneers (operators).
They can be held in custody, distributed, and sold to other netizens through simple Ethereum transactions.
The crypto-art scene is pretty much relying on the ERC-721 Non-Fungible Tokens, as digital art ownership is traded between vendors, brokers, and collectors, as simple as sending ETH.
To demonstrate how important this protocol is, take a look at this Nike patent filling for collectible ‘CryptoKicks’ on the Ethereum blockchain.4.
#1155 ERC-1155 Multiple-Token or Multi Token Standard
Originally written and proposed by Witek Radomski, Andrew Cooke, Philippe Castonguay, James Therien, Eric Binet, and Ronan Sandford, the ERC-1155 protocol is an interface for smart-contracts that manage multiple tokens such as ERC-20 fungible tokens, ERC-721 non-fungible tokens, and other configs such as semi-fungible tokens.
In contrast to ERC-20 and ERC-721, the ERC-1155 Multi Token Standard allows for each token ID to represent a new configurable token type, which could have its own metadata, configurable token supply, and other key attributes of a token contract.
One of the most popular projects to utilize the ERC-1155 protocol would be the Ethereum-powered gaming platform Enjin.5.
#1679 Hard Fork Meta: Istanbul
Last but not least, is the recent Istanbul update that has been successfully implemented on the Ethereum blockchain, more specifically at block 9,069,000.
Initially proposed by Alex Beregszaszi, and Afri Schoedon, this ‘genetically’ hard-fork, yet dubbed ‘upgrade’ due to it being a non-contentious process, showcases how powerful the EIP can be for the Ethereum Foundation.
The “Istanbul” upgrade is the third in a row for 2019, after the successful implementations of “St.Petersburg” and “Constantinople” update respectively that took place on the Ethereum network earlier this year.
Learn more about the details behind EIP #1679 in one of our previous articles .Tags:.
